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I wanted to buy a house, did I miss the boat?
This seems to be a questions I am getting quite often these days. The answer is a bit tricky but if I were to sum it up with one word I would say "no". You're most likley thinking that the reason I'm telling you this is because I'm a Realtor but in fact that couldn't be further from the truth and let me tell you why.
Example #1: Mid last week interest rates inflated to over an entire point higher than they had been all year. What was odd is that the interest rates would fluctuate just slightly week by week up and down and within one day they sky rocketed and by the end of the week they were back down. FED would not allow for the banks to inflate the rates just yet so this means that lending money is still ridiculously low in order to stimulate the economy and the
Example #2: We as Realtors have not seen another hold placed on Foreclosures once instilled by the government. The banks that had taken the federal bailout money were required to help current home owners in needs of assistance with their inflating mortgages. The result was a hold on any home on the brink of foreclosure in order for the banks to have adequate time to make these changes to the borrowers loans. From the words of our REO department "we should see an solid influx of inventory very soon".
In closing, to all your buyers out there that are stressed and tired of seeing home after home that sells in a matter of days or has multiple offers in a matter of hours of the homes going on the market, there is light at the end of the tunnel. Myself, I have eight quailified buyers and have yet to find them homes with a vigorous search early mornings to late evenings needless to say I am ready for June!
Central A/C
